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Vanguard Picks: 3 Must-Buy Stocks From AI-Enhanced Funds

While it’s hard to believe, even Vanguard stock picks are found using AI and machine learning these days in an effort to get ahead.

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These 3 Insurance Stocks Trade Below Book And Pay Dividends

These value stocks trade on the New York Stock Exchange

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3 Cheap Stocks to Buy Now That Could Skyrocket in Value

InvestorPlace - Stock Market News, Stock Advice & Trading Tips It’s my turn here at InvestorPlace.com to write about buying ch...

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3 Cheap Stocks to Buy Now That Could Skyrocket in Value

3 Cheap Stocks to Buy Now That Could Skyrocket in Value
investorplace.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from investorplace.com Daily Mail and Mail on Sunday newspapers.

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Lower your mortgage payment by dumping your mortgage insurance

All FHA loans carry mortgage insurance, which consists of an up-front fee as well as a monthly fee.

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MGIC Announces Jay J. Hughes, Executive Vice President of Sales and Business Development to Retire; Danny Garcia-Velez to Lead Sales and Business Development

/PRNewswire/ -- Mortgage Guaranty Insurance Corporation (MGIC), the principal subsidiary of MGIC Investment Corporation (NYSE: MTG), today announced Jay...

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Now may be the time to dump your mortgage insurance

Now may be the time to dump your mortgage insurance
Gary Sandler
According to the National Association of Realtors 2020 Down Payment Expectations & Hurdles to Homeownership report, the median down payment in 2019 was 12 percent for all buyers, six percent for first-time buyers, and 16 percent for repeat buyers. The median is where half paid above that percentage and half paid less than that percentage. NAR also noted that “more than 70% of non-cash, first-time home buyers — and 54% of all buyers — made down payments of less than 20% over at least the past five years”.
Twenty percent, meaning 20 percent equity in a property, is a benchmark often quoted by lenders and mortgage experts because it is the point below which mortgages must be insured against losses due to borrower defaults. While borrowers pay the mortgage insurance premiums, it is the lender who is protected by the insurance. A good rule of thumb is the lower the down payment percentage, the higher the premium. Premiums typically range from 0.5 to 1.5 percent of the loan amount annually. For example, a 1.5 percent premium on a $150,000 mortgage would add $62.50 to the first month’s payment ($150,000 x 1.5% ÷ 12 = $62.50). A few cents are knocked off each successive month’s premium as the principal balance, on which the percentage is based, is reduced.

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